A look to the future is complex to forecast; predicting the future is something we try regularly; the global community is preparing to make a series of decisions that will spoil the future of humanity with the advancement of technology.
One of the most recent topics that are extremely interesting is intelligent cities. So, let us know how Bitcoin in El Salvador works.
Did you know that it is a Smart City?
They are cities that allocate the use of technology to improve the quality of life of citizens lives and seek to establish a series of patterns that allow organizing the mobility of citizens.
The social services provided by public entities and the sustainability of the same through the use of the possessed resources In addition to achieving increased citizen inclusion, eliminating waste and unpleasantness to the maximum, promoting improvements in the economy and daily activities of the inhabitants.
Currently, Bitcoin made a historic milestone in the evolution of cryptocurrencies, being recognized by the Central American Country El Salvador, took another step in its commitment to Bitcoin, and recently announced the future creation of the first “Bitcoin City” in the world, a city financed by cryptocurrency bonds.
This was announced by its president, Nayib Bukele, at the ‘Bitcoin Week’s closing event.’ The city, which will take place in Conchagua, within the municipality of La Unión de El Salvador, will have great fiscal and environmental benefits since it will obtain geothermal energy from the Conchagua volcano.
This ecological city works and is energized by a volcano, said Bukele at the event.
The city of the future seems far away; everything is possible in the Vineyard of the Lord; President Nayib Bukele announced the creation of the first Bitcoin City; without a doubt, it could be classified as a Futuristic City taken from a fictional film.
It is planned that is initially funded by Bitcoin-Based Funds.
Currently, little is known about what the city will be like and what benefits it will have for being a Bitcoin city; this new city of the future may be a little further away than it seems. Still, it will undoubtedly serve as an example for the rest of the world, and it will be a testing laboratory for the crypto and digital universe.
It will be built a city in the shape of a coin, the Bitcoin City, next to a volcano;
Bukele’s new plan has a lot of similarities to the Plans of Alexander the Great with its famous circular cities; in the town, it intends to build airports, restaurants, squares, residential areas, commercial, and a central square-shaped like Bitcoin.
Due to its location close to the volcano, it will obtain geothermal energy for its future city.
Did you know that El Salvador started mining Bitcoin with energy from the volcano?
This country produces a quarter of its electricity with geothermal energy.
Another of the concerns that cause curiosity is that it talks about the fact that Bitcoin City will be a tax-free community.
It could be real because within the benefits that they raise is the elimination of all taxes except VAT, so Bukele commented, in addition, to communicate that it plans to issue $ 1 billion in 10-year tokenized bonds on Liquid Network.
Ultimately changing the economy of a country, the law will allow the circulation of Bitcoin as a currency in El Salvador next to the US dollar, incredible but true;
Also, in addition to the Bitcoin Law that they approved in June, it urges that every economic agent must accept Bitcoin when they offer a good or service, in addition to commission payments, remittances, ATM withdrawals, they can also do it.
Conclusion
Can you imagine arriving in a fishing village in this Central American country and at the time of canceling the account for any service I ask you? Are you going to pay with Bitcoin or dollars? The reality is that Zonte is a pioneer town using cryptocurrency, showing that this is not only for wealthy people; many say that it helped them survive when the pandemic began.
Taking a risk and being optimistic is the beginning of our change. Cryptocurrencies are here to stay, so we have to take advantage of them.